SDLT relief for multiple residential purchases: Finance Bill 2011
On 31 March 2011, the government published the first version of the Finance Bill 2011, which included the provisions for multiple residence purchase relief from SDLT, announced in the March 2011 Budget. The new relief will fix the rate of SDLT by reference to the average consideration for multiple purchases of dwellings rather than the aggregate consideration.
This is a welcome measure aimed at boosting the residential property market. However, it does not become available until the Bill receives Royal Assent (likely to be in July 2011) so that buyers may look to delay purchases until then. The relief includes provisions for an upwards adjustment to the SDLT chargeable where an event occurs within three years of the effective date, which if it had occurred immediately before the effective date, would have resulted in a higher SDLT charge.
Tony Cusack - Partner